Economic Consequences of Tariffs on Global Trade

After a week of market turmoil, President Trump announced he would reset his most extreme tariffs to 10 percent across the board, with the exception of China — which he boosted to a 125% tariff rate. Even at the reduced level, the tariff rates are the highest the nation has seen in many decades.

And higher tariffs translate to higher prices for American consumers. Martha Gimbel of the Budget Lab at Yale takes an imaginary walk through a big box store to look at how much more people might pay for t-shirts, rice, medication and other staples.

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